Alliant Insurance upsizes term loan B, tightens original issue discount

By Sara Rosenberg

New York, Oct. 25 - Alliant Insurance Services Inc. increased the size of its term loan B to $385 million from $360 million, following a downsizing to the company's bond offering, according to a market source.

In addition, the original issue discount on the term loan B was reduced to 98¼ from 98, the source said.

Pricing on the term loan B was left unchanged at Libor plus 300 basis points.

Alliant Insurance's now $445 million credit facility (B2/B-), up from $420 million, also includes a $60 million revolver.

JPMorgan and UBS are the lead banks on the already funded deal.

Proceeds were used to fund the already completed acquisition of the company by the Blackstone Group and management and employees from Lindsay Goldberg.

Other financing is coming from $265 million of 11% senior notes that priced on Wednesday at 96.328 to yield 11¾%. The deal was downsized from $290 million.

The credit facility had originally been launched to investors in July, with the term loan B talked at Libor plus 275 bps, but syndication was put on hold due to market conditions.

Alliant is a Newport Beach, Calif., insurance brokerage firm.

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